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HomeMy WebLinkAbout0878 ~ revenues from whatever source derived. ~nd ~ucr rec:eiv~r s?~s11 have all *.he broad aad effective flinc~i~;;o ~:3 ~~~e:~ j:: u{SQ A~~.~~~±~d b~ ~s =~+_~rt tc~ a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and uithout reference to tlie adequacy or inadequacy of the value of the property mortgaged or to tt~e solvency ar insolvency oP said Mortga~or or the defendants, enc3 such income, profits, rents, issues and revenues shall be applied by such receiver according '~..o the lien of this mort~zat~e and the practice of such court. 8. If the Mortgagor defaults in at~y of the covenants or af;reements conta.ined herein or in said nate, then the MortRaqee may perform the same, and all such expenditures made by the Mortgagee, including a reasonable attorney's fee, in so doin~ shsll draW interest at the rate of eight per centum per anntnn, and shall be repa.yabZe i~ediateZ,}r and ~rithout demand, and ~11 such expenditures shall be secured by the lien of this mort- gage. The Mortgagee shall be subrogated, for fZirther security, to the lien of aqy and R].1 liens or encumbrances paid out of the proceeds of the loan secured by this mortgage, ~ even though the lien or encumbrance so paid f~om such proceeds be released. 9. The Mortgagor shall dul,y, promptly and f'atly perfortn each and every of the terms and pro~visions of a certain construction loan a~reement Which has been executed and delivered by.the parties hereto simti].taneously with the execution and delivery hereof (the proceeds of this m~rt~;age iadebtedness bein~ for the purpose of financin~; construction on said mortga~ed property), the terms of ~hich construction loan a~reement are by reference made a part hereof. The lieo of ~his m~rt~*,age secures the pa.yment of all swns pe~yable to Mortrzagee and the perPormance of all covenants and agree- ments of Mortgagor under the terms of said constreiction loan agieenlent. 10. In addition to all other indebtednesses secured by the first lien of this mortga~, this mortgage shall secure also and constf.tute a ffrst lien on the mortga~ed proverty for all fl~ture advances made by the Mortp;agee to Mortga~r,or r~ithin five y~ears from the date hereof to the same extent as if such flitur~ advances ~+ere made on the da~e of the execution of this mort~age. Any such advances may be made at the option of Mortga.gee. The total amount of the indebtedness that may be secured by this mortgage may increase or decrease from time to time, but the total unpaid bslanee secured at any one time by this m~ortga~e shs1Z not exceed a~aci.~m~? nrfncip~.l amount of~t~ice the principal amount stated in the promissory note a substantial copy of Which is included herein, plus interest thereon and a.ny dfsbursements made by Mortgagee for the payment of taxes, levies or insurance on the property encumbered by this mortgage, with interest ob such disbursements. 11. A portion of the proceeds of the mortgage indebtedness is to be dis- ~ bursed and advanced on account of or pertaining to eacn oi' saia parceis in acconi~.ucC ~ with the provisions of said construction loan agreement. Mort~a~?ee shall release any one of the parcels covered by this m~rtgage from the lien hereof upon repayment to the Mort~a~ee in czsh of a s~ equal to the portion of the principal of the mortgag~e indebt- edness theretofore so disbursed and advanced, as conteTrpl.ated by said construetioa loan a~reement or othercrise, on account of or pertaining to the parcel to be released plus, at the option of the Mortgagee, any interest then accrued and unpaid under the terms nereof or secured hereby and any cost, fees and expenses payable to Mortgagee by the ?~io: tga,~or incident to the mortgage loan. NotWithstanding at~y of the above provisions of this paragraph Mortgagee shall, at its option, be entitled to ref~se to release at~y parcel or parcels at a time vhen there exists a dePault in the performance of the agree- ~ents of -~he Kortgagor under the provisions of this mortga~e, the note secured hereby or said construction loan agreement. Ho~never, Mortgagee may, at its option,give aay such release notwithstanding ar~y such defsu].t or wf.thout requiriag the above stipulated payment for release. The cost of recording all partial releases Yrom or satisfaction ~ of this m~rtgage she.ll be borne by Mort~a~or. ~ I The term Mortgagor shall be construed singular or plural, masculine or feminine, and corporate, partnership or individual, vhichever the context hereof requires or admits. . IN WI'I'NF~SS WHEREOF, the Mortgagor has executed this instruinent under seal the day and y+ear first above xritten. ~ ? ~ Si~ned, sAaled and delivered in the HALLMARK N TRUC 0 C qpY p~'" ~I;~tI~A ~ pres ce of: - ~ ~ _ : ; _ ~ BY : t - - ~ ' ti. e d ~ n ~ * . ~ „~i: i ~ • , - _ ~ .~-.~s->> ATTFST: _ ~ . Secretary -j r~~ ; . , ~ . t SWD Form M-2906 (9-12-60 ) - 1+ - 88o1t ~ ~ i: , + ~ ~ - ~ ~ ~ ~~~'~`~'~'~~R`~ ~`,~~.za I .